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Home My Public Portal About053-2004 - Tax Abatement - Masonite Door Corp - Equipm.pdf.w.exORDINANCE NO.53-2004 A SPECIAL ORDINANCE AUTHORIZING THE APPROVAL OF A STATEMENT OF BENEFITS FOR A PROPERTY OWNER APPLYING FOR DEDUCTIONS UNDER I.C. 6-1.1-12.1 WHEREAS, Common Council has previously designated eight economic revitalization areas within the City of Richmond; and WHEREAS, I.C. 6-1.1-12.1 requires the Common Council as the designating entity to approve all Statements of Benefits required to be filed by property owners applying for deductions in assessed valuations for the installation of new manufacturing equipment or for the redevelopment or rehabilitation of real property; and WHEREAS, an owner of real property located in an economic revitalization area is entitled to deductions from the assessed value, pursuant to Indiana law, for a period of any number of years less than or equal to ten (10) years (i.e. one to ten years); and WHEREAS, an owner of new manufacturing equipment is also entitled to deductions from the assessed value, pursuant to Indiana law, for a period of any number of years less than or equal to ten (10) years (i.e. one to ten years); and. WHEREAS, in order for Common Council to approve a Statement of Benefits to allow a deduction, it must make the following findings, to -wit: 1. That the estimate of value of the redevelopment or rehabilitation, as to real property, or the estimate of cost of the new manufacturing equipment, as to personal property, is reasonable for projects of that nature or equipment of that type. 2. That the estimate of number of individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed described redevelopment or rehabilitation, or from the installation of the new manufacturing equipment. 3. That the estimate of annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed described redevelopment or rehabilitation, or from the installation of the new manufacturing equipment. 4. That any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed redevelopment or rehabilitation, or from the installation of the new manufacturing equipment. 5. That the totality of the benefits is sufficient to justify the deduction. NOW, THEREFORE, be it ordained by the Common Council of the City of Richmond, Indiana, that the following property owner meets the requirements for property tax assessed valuation deductions, including the above findings, as follows: EQUIPMENT - 10 YEARS Masonite Door Corporation New Jobs: 0 Jobs Retained: 105 Estimated New Value: $150,000.00 Dated: May 27, 2004 Passed and adopted this day of 2004, by the Common Council of the City of Richmond, Indiana. ATTES c l City Clerk (Karen Chasteen) PRESENTED to the Mayor of the City of Richmond, Indiana, this %day of , 2004 at 9:00 a.m. , City Clerk (Karen Chasteen) O ED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this 7 day of 2004 at 9:05 a.m. &a-yor Sarah L. Hutton ATTES .City Clerk (Karen Chasteen) r� STATEMENT OF BENEFITS State Form 27167 (R71 12.01) Prescribed by the Department of Local Government Finance +•i• INSTRUCTIONS: RECEIVED JUN 0 12004 FORM SB-'I 1. This statement must be submitted to the body designating the economic revitilization area prior to the public hearing if the designating body requires infor- mation from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise this statement must be submitted to the designating body BEFORE a person installs the new manufacturing equipment and /orresearch and development equipment or BEFORE the redevelopment or rehabilitation of real property for which the person wishes to claim a deduction. 'Projects" planned or committed to after July 1, 1987 and areas designated after July 1, 1987 require a STATEMENT OF BENEFITS. (IC 6-1.1-12,1) 2. Approval of the designating body (City Council, Town Board, County Council, etc.) must be obtained prior to initiation of the redevelopment or rehabilitation, or prior to installation of the new manufacturing equipment and/ or research and development equipment, BEFOREa deduction may be approved. 3. To obtain a deduction, From 322 ERA, Real Estate Improvements and/or Form 322 ERA /PPME and/or 322 ERA /PPR & DE, must be filed with the county auditor. With respect to real property, Form 322 ERA must be filed by the later of (1) May 10; or (2) thirty (30) days after a notice ofincrease in real property assessment is received from the township assessor. Form 322 ERA/PPME and / or 322 ERA PPR & DE must be filed between March 1 and May 15 of the assessment year in which new manufacturing equipment and/or research and development equipment becomes assessable, unless a riling extension has been obtained. A person who obtains a filing extension must file the form between March 1 and the extended due date of that year. 4. Property owners whose Statement of Benefits was approved after June 30, 1991 must submit Form CF - 1 annually to show compliance with the Statement ofBenefrts. (IC 6-1.1-12.1-5.6) 5. The schedules established under IC 6-1.1-12.1-4(d) and IC 6-1.1-12. f-4.5 (e) effective July 1, 2000 apply to any statement of benefits fried on or after July 1, 2000. rho schedules effective prior to July 1. 2000 shall continue to annly to those statement of benefits filed before Ju1v 1, 2000, • -FORMATION- Name of taxpayer MASONITE DOOR CORPORATION Address of taxpayer (street and number, city, state, ZIP code) 305 INDUSTRIAL PARKWAY RICHMOND IN 47374 Name of contact person Telephone number 1(765)962-8515 LISA CARLTON SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Resolution number COMMON COUNCIL OF THE CITY OF RICHMOND, INDIANA 10-1984,11-1991 Location of property County Taxing district 305 INDUSTRIAL PARKWAY RICHMOND IN 47374 IWAYNE RICHMOND CORP Description of real property improvements and / or new manufacturng equipment and I or ESTIMATED research and development equipment (use additional sheets if necessary) Start Date Completion Date ROLLFORM EQUIPMENT AND RELATED PROJECTS $ 150,000 Real Estate New Mfg Equipment 06/15/2004 08/01/2005 12 year life New equipment R&DE SECTIONOF • AND SALARIES AS RESULT OF -••• r PROJECT Current number Salaries Number retained Salaries Number additional Salaries 105 3,877,313 105 3,877,313 0 0 SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT NOTE: Pursuant to IC 6-1.1-12.1-5.1 (d) (2) the COST of the property is confidential. Real Estate Improvements Research and Development Machinery Equipment Cost Assessed Value Cost Assessed Value Cost Assessed Value Current values 4, 532, 775 1,133,233 Plus estimated values of proposed project 150, 000 45,000 Less values of any property bang replaced Net estimate values upon completion of project 4,682f775 1, -I8, 233 SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted (pounds) Estimated hazardous waste converted (pounds) Other benefits: SECTION• I hereby certify that the represent tions in this Statement are true. Signature authorize ive ` Title p� f-} CL(Ji �1 //1G/�e- Date signed (month, day, year) S Ili /Ci Form 56-1, page 1 - Copyright ® 2004 D15, Inc. ClientlLoc MASONITE 04PPT We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets the general standards adopted in the resolution previously approved by this body. Said resolution, passed under IC 6-1.1-12.1-2.5, pro- vides for the following limitations as authorized under IC 6-1.1-12.1-2. A. The designated area has been limited to a period of time not to exceed calendar years * (see bekf&A date this designation expires is B. The type of deduction that is allowed in the designated area is limited to: 1. Redevelopment or rehabilitation of real estate improvements; p Yes p No 2. Installation of new manufacturing equipment: p Yes p No 3. Installation of new research and development equipment; p Yes 13 No 4. Residentially distressed areas p Yes p No C. The amount of deduction appicable for redevelopment or rehabilitation is limited to $ cost with an assessed value of $ D. The amount of deduction appicable to new manufacturing equipment is limited to $ cost with an assessed value of $ E. The amount of deduction appicable to new reasearch and development equipment is limited to $ cost with an assessed value of $ F. other limitations or conditions (specify) Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reason- eter ' lity of benefits is sufficient to justify the deduction described above. able and have deter." Appr ed: (signatu nd title thorized member) Telphone number Date signed (month, day, year) lf�_� / Atte ed Designs body % 0 d If the designating body limits the time period during which an area is an economic revitilization area, it does not limit the length of time a taxpayer is entitled to receive a deduction to a number of years designated under IC 6-1.1-12.1-4 or 4.5 Form SB-9, page 2 - Copyright ® 2004 D€S, Inc. ClientlLoc Form SB-IA City of Richmond, Indiana Taxpayer Wage & Benefit Information Company Name, Address & Contact Person: Masonite Door Corporation Lisd Carlton 305 Industrial Parkway Accounting Manager Richmond, IN 47374 The information requested on this supplement to form SB-1 must be completed and submitted along with your S134 in order for your tax abatement request to be considered by Richmond Common Council. Please retain your records and calculations used to arrive at the information requested on this form. It is subject to review as a part of our monitoring process. 1. Average hourly wage for existing employees $13.73 2. Average hourly wage for projected new positions $ N/A 3. Average hourly health insurance benefit $ 2.73 1. The length of the abatement you are requesting 10 rears (A 1-10 year abatement maybe requested for real estate improvements and manufacturing equipment.) 2. If purchasing equipment, please attach a list that includes the following: • brief description of each piece of equipment being purchased • the projected useful life of each piece of equipment • the state(s) in which the equipment is being brought into Indiana from if purchasing used equipment • the cost of each piece of equipment 3. If making real estate improvements, please provide a list that includes the following: • brief description of the real estate improvement (new construction, rehab, expansion, etc.) • size of the proposed real estate improvements • costs of the proposed real estate improvements DEFINITIONS 1. Average hourly wage for existing employees: for your most recent pay period please provide the average base wage per hour for all current full time, non -supervisory employees. Do not include the following groups: A. part time employees; B, management, supervisors, foremen, or any other supervisory personnel; C. owners, stockholders, or partners if they own 2% or more of the business, and their family members. 2. Average hourly wage for projected new positions: Use the same definition of employees to be included as in number one above. 3. Average hourly health insurance benefit: PIease provide the current company paid health insurance benefits provided to hourly employees (as defined above) and family members. Please present in the form of an hourly rate computed using the annual cost per eligible employee divided by 2080 hours. Signature and Title) (Date)